AUD/SGD 4H Chart: Rectangle

However, half a month ago AUD/SGD failed to breach the horizontal resistance line near 1.15 and, as a result, returned back to the 200-period SMA, meaning there is a good chance that the market overall will remain bearish. This is supported by the weekly technical indicators—four out of eight are giving ‘sell' signals at the moment. The current sentiment, on the other hand, is explicitly in favour of the Australian Dollar, as 70% of open positions are long.